How Far Will House Prices Fall? [Volume 6]

[princeperch]

It wasn't a problem for me for the 3.5 years I lived in bow. It certainly wasn't a problem when I pocketed 190k tax free off the 1 bedroom flat I paid 250k for in 2011 and sold in 2014.

Its a nice location with a lot of cool stuff to do and easy access to the city and west end.

[macron]

I don't know the area hence the question, on the map view it certainly looks close

[z4RRSchris]

hackney wick is ultra trendy now. that’s a great little flat

[NomduJour]

princeperch said:

Its a nice location with a lot of cool stuff to do and easy access to the city and west end

Does seem quite cheap, easy enough to get to stuff and town (10 minutes to Hackney Wick?) - but the A12 is literally right behind the block, and the A12 isn’t nice.

Do get a blue plaque, though.

[princeperch]

Tineh tempa or however you spell his name, used to live on cadogan terrace until quite recently. He had a fully tricked out merc 4x4 which was proper bling.

[princeperch]

https://www.standard.co.uk/homesandproperty/proper...

This is a hell of a price but I guess looking at the size and the location it's no surprise.

What is a surprise is the original owner was an army major. The same army major now would be on about 55k and would likely struggle to get a 1 bed shared ownership flat unless they had family wealth.

[Shnozz]

Going to show my Mrs that article whenever she maintains a kitchen lifespan is less than a decade.

[Louis Balfour]

Shnozz said:

Going to show my Mrs that article whenever she maintains a kitchen lifespan is less than a decade.

I think it depends upon the style of the kitchen and what it cost.

Put in a modern looking kitchen from Howdens, it will be tired at ten years.

Put in a handmade painted solid wood job and it could be there in fifty years with a repaint every now and then.

[B'stard Child]

Shnozz said:

Going to show my Mrs that article whenever she maintains a kitchen lifespan is less than a decade.

Our kitchen is 28 years old - Mrs BC thinks it's well overdue for replacement - I'm going to poke the bear a bit too

[ooid]

Shnozz said:

Going to show my Mrs that article whenever she maintains a kitchen lifespan is less than a decade.

totally!

[soupdragon1]

Louis Balfour said:

Shnozz said:

Going to show my Mrs that article whenever she maintains a kitchen lifespan is less than a decade.

I think it depends upon the style of the kitchen and what it cost.

Put in a modern looking kitchen from Howdens, it will be tired at ten years.

Put in a handmade painted solid wood job and it could be there in fifty years with a repaint every now and then.

Damn right. Put our kitchen in 10 years ago, painted wood, shaker style to match the doors in the house, also shaker style. Not going to win any design awards but should stand the test of time with a respray if required.

[okgo]

I’ve got a shaker kitchen. It looks to be solid wood but the wood is still crap really. I’d imagine getting someone to repaint it would cost half the price of nee cupboard and such.

[z4RRSchris]

the two large houses in the village i grew up in were both previously owned by Brigadiers

that’s a 100k salary, and a million squid house. doesn’t work now.

[Unreal]

For me a painted or natural wood kitchen looks old fashioned from the day it's installed. I suppose I might like it if I lived in a stately home or choc box cottage but not otherwise. Unless you have leaks or live like a peasant, modern carcases should easily last a decade or more and door swaps are simple, quick and cheap.

[Thankyou4calling]

z4RRSchris said:

the two large houses in the village i grew up in were both previously owned by Brigadiers

that’s a 100k salary, and a million squid house. doesn’t work now.

Plenty of people earning substantially less than 100k live in million pound houses so it does work.

It's far from unusual.

[okgo]

Thankyou4calling said:

Plenty of people earning substantially less than 100k live in million pound houses so it does work.

It's far from unusual.

I think he’s obviously talking about trying to buy the same house now with the same job. Clearly the maths don’t work.

I’m getting my house valued tomorrow, expecting value to be perhaps 10-15% up on 4 years ago purchase (we spent a bit refurbishing it within that, perhaps 2-3%).

The annoying thing is that despite being a fairly decent road, it’s very short with only perhaps 10-15 full houses on it vs conversions, out of the 30 total - and so if there’s a comparable house for sale at a lower price (there is) it makes it difficult to price much above it. You’d have to view to realise why ours should cost a fair bit more, but from the rightmove photos of the other house you’d never know. Mostly because they have used pictures from 4 years ago before sharers have trashed it!

That said, I’ve been seeing nicely finished places selling fairly quickly, ours is in good condition and has scope for a side return longer term so we shall see.

Edited by okgo on Sunday 4th February 17:19

[brickwall]

Thankyou4calling said:

z4RRSchris said:

the two large houses in the village i grew up in were both previously owned by Brigadiers

that’s a 100k salary, and a million squid house. doesn’t work now.

Plenty of people earning substantially less than 100k live in million pound houses so it does work.

It's far from unusual.

I think you’ve rather missed Z4’s point

Did those ‘plenty of people’
a) Did they pay £1M for them?
b) Or earn >£100k at point of purchase?

It’s pretty hard to afford a £1M house if you’re only earning £100k unless you’ve magic’d up a big chunk of equity from somewhere

[Unreal]

Some areas have shot up in value, some haven't.

Expecting to buy at the 80s price equivalent today is just stupid. You have to look elsewhere.

[ARHarh]

I don't suppose the Brigadiers bought those houses as their first houses when they were 22 either. They probably spent a lot of time building equity before buying that house.

[Unreal]

ARHarh said:

I don't suppose the Brigadiers bought those houses as their first houses when they were 22 either. They probably spent a lot of time building equity before buying that house.

Yep the Brigadiers bought the best houses in the village when they were also the richest people in the village. Those houses can still only be bought by the richest people too. They were never affordable for average earners or they would have been living in them.